Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1944 entitled:

begs leave to report as follows:

The purpose of this bill is to support the construction of fuel grade ethanol production facilities and thereby promote energy self-sufficiency and economic development in this State. This bill extends the authorization to issue special purpose revenue bonds (SPRBs) on behalf of Worldwide Energy Group, Inc., from June 30, 2004, to June 30, 2008.

Worldwide Energy Group, Inc., Hawaii Renewable Energy Alliance, ILWU Local 142, and Gay & Robinson, Inc., testified in support of this measure.

Act 136, Session Laws of Hawaii 2000, authorized the issuance of SPRBs totaling $50,000,000 for the Hawaii Sugar Ethanol Project, including a fuel grade ethanol facility on Kauai. However, the authorization to issue these bonds lapses on June 30, 2004.

Your Committee has amended this bill by changing its effective date to June 29, 2010, to facilitate further discussion.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1944, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1944, H.D. 1, and be placed on the calendar for Third Reading.